By Kosaku Narioka
SoftBank Group shares fell sharply after the Japanese technology and investment company posted a second-quarter net loss due to weak tech investment results.
The company’s shares were recently 6.0% lower at 5,924 yen after falling as much as 7.6% earlier Friday morning.
SoftBank Group said Thursday after market close that it booked a net loss of 931.11 billion yen ($6.15 billion), compared with a net profit of Y3.034 trillion in the year-earlier period, which had been boosted by gains from the unwinding of its stake in Alibaba Group.
The quarterly net loss compared with the estimated net profit of Y280.26 billion in a poll of analysts by data provider Quick.
Its Vision Funds tech investment segment posted a loss of Y258.86 billion in its second quarter, compared with a loss of Y1.020 trillion in the year-earlier period.
SoftBank Group said it booked Y234.39 billion in losses related to its investments in WeWork in its first half. The office-sharing company filed for bankruptcy protection in the U.S. earlier this week.
SoftBank Group is warming up for new investments after having been cautious amid a global tech selloff and investment losses in recent quarters.
Chief Financial Officer Yoshimitsu Goto said Thursday that the company could make larger investments if it finds good deals.
Write to Kosaku Narioka at firstname.lastname@example.org